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Regeneron Pharmaceuticals Inc REGN

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Raising Our Regeneron Fair Value Estimate on Long-Term Tax Assumptions; Shares Look Fairly Valued

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're raising our fair value estimate to $620 per share from $570 after reverting back to our prior 14% long-term tax rate assumption. We had previously raised our tax-rate assumption to 20%, to incorporate the potential for a 26% U.S. statutory tax rate beginning in 2022 with the passage of the Build Back Better Act. We now assume that the U.S. corporate tax rate will remain at 21% for the remainder of President Biden's first term, ending in early 2025, as the BBBA has stalled in the Senate. We continue to see the firm's narrow moat driven by its dominant Eylea franchise, growing franchise for immunology drug Dupixent, as well as strong prospects for oncology drug Libtayo and supporting pipeline.

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Company Profile

Business Description

Regeneron Pharmaceuticals discovers, develops, and commercializes products that fight eye disease, cardiovascular disease, cancer, and inflammation. The company has several marketed products, including Eylea, approved for wet age-related macular degeneration and other eye diseases; Praluent for LDL cholesterol lowering; Dupixent in atopic dermatitis, asthma, and nasal polyposis; Libtayo in cutaneous squamous cell carcinoma; and Kevzara in rheumatoid arthritis. Regeneron is also developing monoclonal antibodies with Sanofi in immunology and cancer, and bispecific antibodies and antibody cocktails with other collaborators and independently.

777 Old Saw Mill River Road
Tarrytown, NY, 10591-6707
T +1 914 847-7000
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Aggressive Growth
Employees 9,123